I-YEAR TREASURY BEARER BONDS AUCTION ANNOUNCMENT

THE BANK OF SIERRA LEONE INVITES APPLICATIONS FOR THE SALE OF 1-YEAR TREASURY BONDS TO THE FACE VALUE OF LE5,664,250,000 (FIVE BILLION, SIX HUNDRED AND SIXTY-FOUR MILLION, TWO HUNDRED AND FIFTY THOUSAND LEONES ONLY) THROUGH AN AUCTION SYSTEM ON TUESDAY 25TH MARCH 2008. BIDS ARE THEREFORE INVITED IN SPECIFIC INTEREST RATES. THE BONDS WILL BE ISSUED ON TUESDAY 25TH MARCH 2008 TO MATURE ON TUESDAY 24TH MARCH 2009.

APPLICATIONS SHOULD BE LODGED THROUGH ANY COMMERCIAL BANK OR DISCOUNT HOUSE IN THE COUNTRY FOR A MINIMUM AMOUNT OF LE50,000. BIDS CAN BE SUBMITTED FOR HIGHER AMOUNTS IN MULTIPLES OF LE50,000.

THE MARKET OPENS ON WEDNESDAY 12TH MARCH 2008 AND CLOSES ON FRIDAY 21ST MARCH 2008.

THE BONDS HAVE A FIXED MATURITY PERIOD OF 12 (TWELVE) MONTHS BUT INTEREST IS PAID QUARTERLY. CUSTOMERS MAY DISINVEST AT ANY TIME THROUGH THE COMMERCIAL BANKS AND DISCOUNT HOUSE(S).

BIDS SHOULD BE SUBMITTED NOT LATER THAN 16:30 HOURS ON MONDAY 24TH MARCH 2008.

Policy & Domestic Debt Division
Banking Department
Bank of Sierra Leone